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Boustead Projects up 19% on first trading day

Boustead Projects rose 16.5 cents or 19 per cent to S$1.045 on Thursday, also its first day of trading on the mainboard of the Singapore Exchange.

The industrial real estate engineering solutions provider's share price had opened at 88 cents, "an auspicious number in Chinese (and) we hope this is symbolic of times to come", Thomas Chu, managing director of Boustead Projects said.

On Wednesday, Boustead Singapore said it had completed the restructuring of its Boustead Projects unit and will spin it off as a separate listed entity.

Boustead Singapore will hold onto at least 51 per cent of the unit while distributing up to 49 per cent of the shares to its investors as a distribution in specie.

Boustead Singapore was founded in Singapore in 1828 and is also separately listed on the exchange's mainboard.